December, 2007   2594 homes available,    295 sold, 9% chance of selling.

 November, 2007  3141 homes available,    423 sold, 13.4% chance of selling.

 December, 2006   1726 homes available,   472 sold,  25.7% chance of selling.

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(click on the each area name for a chart showing the latest stats in the area)

The plateau:  Sammamish, Issaquah, North Bend, and Fall City

Sellers had a 12.2% chance of getting a home sold, DOWN from 12.9% last month and DOWN from 29.2% last year.  Median home prices were up by 7.2%, from $596,800 to $639,900.  Inventory was up by 39% and sales declined by almost 42% from last year.

West Redmond/East Bellevue

Sellers had a 16.1% chance of getting a home sold, Up from 14.5% last month, and DOWN from 31.3% last year.  Median sales price increased from $525,000 to $589,500.  Inventory was up a whopping 139% and sales were down by 17%, a huge change since last year. 

South Bellevue

Sellers had a 8.9% chance of selling a home, DOWN from 11,6% last month and DOWN from 25.6% last year.  Median price decreased by 4.8% to $668,222 from $637,619. Inventory was up 50% and sales were down almost 37%.

Woodinville/Bothell/Kenmore/Duvall

Sellers had a 9.3% chance of selling a home, DOWN from 13.8% last month and DOWN from 28.4% last year.  Median price was up to $549,000 from $464,500, an 18% increase.  Inventory was up by 46% from last year.

Kirkland

Sellers had a 10.2% chance of selling a home, DOWN a hair from 10.8% last month and DOWN from 19.5% last year.  Median price increased by 5.7%, to $676,475 from $639,950. Inventory was up by 38% and sales were down by 28%.

West Bellevue

Sellers had an 9.7% chance of selling a home, UP from 8.8%, and DOWN from 31.3% last year.  Median pricing dropped by 8% to $1,099,000 from $1,198,000.  Inventory climbed by 91% and sales declined by 41%.

Redmond/Education Hill/ Carnation

Sellers had a 12% chance of selling a home, DOWN from 18%, and DOWN from 26% last year.  Median pricing declined by 5.4% from $689,500 to $651,975.  Inventory increased by 26% and sales dropped by 41%.

 So how did your neighborhood end up at the close of 2007?

 The areas that ended up with a higher price point than last year:

• The plateau: Sammamish, Issaquah, Snoqualmie, North Bend
• West Redmond/East Bellevue
• Woodinville, Bothell, Duvall, Kenmore, Kirkland north of NE 116th
• Kirkland, south of NE 116th AVE

Areas in which the price point is lower than last December:

• West Bellevue
• South Bellevue
• Redmond: Education Hill, Carnation

• Area with the highest % price increase when compared to Dec. ‘07:  Woodinville
• Area with the biggest % price decline when compared to Dec. ‘07:  West Bellevue
• Area with the greatest %  increase in homes for sale when compared to Dec. ‘07: West Redmond/East Bellevue
• Area with the largest % decline in sales when compared to Dec. ‘07: South Bellevue
• Area with the smallest % decline in sales when compared to Dec. ‘07: West Bellevue

So here you have it, the total increases and decreases in pricing and inventory in Seattle’s Eastside real estate market.

This will be a more realistic year.  The market is softer for sellers, but not dead on the arrival of 2008 like in many areas of the country.  Sellers need to be competitive with pricing and have a top notch marketing plan and presentation to capture a buyer’s attention and get the sale.  Realistic sellers should not have a problem getting a home sold.  Those who decide to sell should expect longer market times and flexibility in pricing.

 Buyers have great choices, interest rates, negotiation opportunities, and a chance to think before jumping on a home in today’s market.  Buyers should also plan to buy and stay put for at least 3-5 years. 

Keep in mind, we are one of the stronger markets in the country. There have been other realistic real estate markets in Seattle before.  I’ve seen a few over my 20 year real estate career. The market will change once again.  It always does!